Capitolium Art - Modern & Contemporary Auction Analysis

According to Artnet’s report on the first half of 2015, the art market is in decline everywhere in the world, apart from the United States, or New York, to be more precise. This info may explain somewhat poor sales that had been held all across Europe lately – it’s no surprise that continuing Europe’s economic woes are affecting the art market as well. So, if we, in this key, look at the result of Modern & Contemporary auction that took place at Capitolium Art auction house in Brescia, Italy on July 21 – we could say that it was a slightly below average auction, with about one-third of lots that remained unsold. However, if we consider the total amount of money that sold lots have gathered – and, ultimatelly, that’s the only thing that counts – well, this “below average” auction turns into a unsuccessful one, as it failed to match even the sum of low estimates for sold lots.

Two Turi Simeti's Works Among The Least Unsuccessful Ones

Almost every lot at Modern & Contemporary sale at Capitolium Art that was estimated at a five-figure price prior to the auction (and those were the most expensive lots), failed to sell at least for low estimate, and more than a few of them remained unsold. Carlo Carra’s Vele nel porto (1942) had the highest hammer price of the auction ($49,096), and was one of the few priciest lots that managed to stay in range of estimated values. However, this cannot be said for the next three highest hammer prices – Giacomo Manzu’s Cardinale seduto (variante di due) was sold for $14,000 below its low estimate, while two Turi Simeti’s works (Quattro ovali rosso and Otto ovali gialli) fell $3,000 and $5,000 respectively.

Speaking of several lots that actually had their hammer prices above high estimate, the two most successful ones were Arturo Martini’s Pastore o San Giovannino, that had +140 percent difference between hammer price and high estimate, and Oswaldo Subero’s Pintura bidimensionale n, 309, that had +126.6 percent. On the opposite end, among the vast majority of lots that were sold under low estimate, the two worst ones were Horacio Garcia Rossi’s Lumière, that had -60.1 percent difference between hammer price and low estimate, and Franco Angeli’s Impatto had -51.7 percent.

More Than Half of Sold Lots Went for Under Low Estimate

Out of 135 lots that were auctioned at Capitolium art, 91 were sold (67.4 percent), for a total of $479,642. That was below estimated $507,224 – $702,181 for sold lots, and way below the estimated value of the whole auction ($721,176 – $1,003,085). Only 11 lots were sold over high estimate (12.1 percent), while 50 lots, or 54.9 percent were sold under low estimate. The average hammer price was $5,271.